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Item 1.4 - City’s Investment Report as of March 31, 2017City of Poway COUNCIL AGENDA REPORT DATE: TO: FROM: CONTACT: SUBJECT: Summary: May 16, 2017 APPROVED Total APPROVED AS AMENDED ❑ (SEE MINUTES) 19,858,786 DENIED ❑ REMOVED ❑ CONTINUED 23,010,309 Resolution No. 2,009,991 Honorable Mayor and Members of the City Council Peter Moote, Acting Finance Direct d� l/''�� Andrew White, Finance Manager ij \\\\\1 (858) 668-4426 or awhite@poway.org City's Investment Report as of March 31, 2017 Quarterly reports of investments are required to be presented to Council. For your information, attached is an investment portfolio report as of March 31, 2017. Recommended Action: It is recommended that the City Council accept and file the attached report. Discussion: Pursuant to Government Code Sec. 53646(b) and the City's Investment Policy, the Finance Director (i.e., Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information. The City is in compliance with its adopted investment policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of March 31, 2017, was $110,014,675. It consisted of the following: Investment Portfolio Total Deposits at CalTRUST 21,426,956 Deposits at the Local Agency Investment Fund (LAIF) 19,858,786 U. S. Treasury Notes 9,019,159 U. S. Instrumentalities 34,689,474 Corporate Notes 23,010,309 Municipal Bonds 2,009,991 Fair Value of Investment Portfolio as of March 31, 2017 110,014,675 1 of 30 May 16, 2017, Item #1.4 City's Investment Report May 16, 2017 Page 2 The attached portfolio report (attachment B) and investment report (attachment C) were prepared by the City's investment manager, Insight Investment, with input from the City's Finance Department. The portfolio report includes all investments while the investment report includes only those investments managed by Insight Investment. The funds on deposit at LAIF and CalTRUST earn interest at variable rates. The interest rate for the month ending March 2017 is estimated at .82% for LAIF, 1.02% for the CalTRUST short-term fund, and 1.24% for the CalTRUST medium-term fund. The values of fixed income securities, as legal investment tools authorized under California government codes, are closely tied with interest rates. As interest rates go up, the market values of the securities go down. The difference between amortized cost and fair value is considered an unrealized gain or loss. A realized loss is when the principal of the security is redeemed before its maturity date at a fair value lower than its amortized cost value. The amortized cost value of the externally managed investment portfolio is $68,871,648; the fair value is $68,728,933 for an unrealized loss of ($142,715) or .21 % of the total amortized cost value. The source of the fair value information for the U.S. Treasury Notes, the U.S. Instrumentalities, Corporate Notes, and Municipal Bonds is Interactive Data Corporation. Also included with this report are recaps of the City's cash and investments held by fiscal agents, non -managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at March 31, 2017, was $460,777. The source of the market value information for these investments was U.S. Bank. The total book value of the non -managed investments was $137,602 at March 31, 2017. The City's cash on hand at March 31, 2017, totaled $797,014. The March 31, 2017, balance of the City's Library Trust Fund is $258,055. Through the Fiscal Year 2016-17 period ending March 31, 2017, no transfer of interest earnings has been made to the General Fund. At the close of Fiscal Year 2016-17, 90% of the Library Trust Fund's interest earnings will be transferred to the General Fund. Environmental Review: This item is not subject to CEQA review. Fiscal Impact: The externally managed investment portfolio earned $83,915 interest during March 2017 as well as $68,395 during February 2017 and $72,721 during January 2017. 2 of 30 May 16, 2017, Item #1.4 City's Investment Report May 16, 2017 Page 3 Public Notification: None. Attachments: A. Investment Statistics B. Investment Portfolio Report prepared by Insight Investment C. Investment Report prepared by Insight Investment D. City of Poway Investments and Cash with Fiscal Agent; General, Cash Report at March 31, 2017 Reviewed/Approved By: Reviewed By: Wendy Kaserman Morgan Foley Assistant City Manager City Attorney Payroll, and Petty Approved By: M.�+..(lbA Tina M. White City Manager 3 of 30 May 16, 2017, Item #1.4 City of Poway Investment Statistics March December March 2016 2016 2017 Seperately Managed Investment Pools Fair Value: CalTRUST Short-Term Deposits 10,561,185 10,627,107 10,651,255 CalTRUST Medium-Term Deposits 11,713,032 10,734,551 10,775,701 Deposits at the Local Agency Investment Fund (LAIF)21,186,449 13,826,942 19,858,786 Total Fair Value 43,460,666 35,188,600 41,285,742 Weighted Average Yield 0.69%0.90%0.98% Effective Average Duration in days 1 1 1 Weighted Average Maturity in days 1 1 1 Externally Managed Investment Pools Fair Value: U. S. Treasury Notes 9,107,714 9,033,438 9,019,159 U. S. Instrumentalities 29,054,906 32,769,504 34,689,474 Corporate Bonds 25,171,274 22,995,656 23,010,309 Municipal Bonds 2,025,855 2,010,765 2,009,991 Total Fair Value 65,359,749 66,809,363 68,728,933 Amortized Cost Value: U. S. Treasury Notes 9,042,381 9,025,648 9,020,171 U. S. Instrumentalities 28,984,480 32,934,704 34,818,230 Corporate Bonds 25,065,620 23,020,102 23,033,247 Municipal Bonds 2,000,000 2,000,000 2,000,000 Total Amortized Cost Value 65,092,481 66,980,454 68,871,648 Unrealized Gain (Loss) 267,268 (171,091)(142,715) Accrued Interest Earned 81,388 74,437 83,915 Weighted Average Yield 1.18%1.20%1.25% Effective Average Duration in years 1.54 1.37 1.25 Weighted Average Maturity in years 1.69 1.45 1.37 Total Fair Value of Portfolio Assets 108,820,415 101,997,963 110,014,675 Weighted Average Yield 0.98%1.09%1.15% Effective Average Duration in years 1.32 1.24 0.78 Weighted Average Maturity in years 1.41 1.29 0.86 Glossary of Yield Terminology Coupon: A bond's coupon is the periodic interest payment made to the holder of the fixed income security during the life of the bond. Coupon payments can be made monthly, quarterly, or annually. Book Yield: The Book Yield is that rate of return that will make the present value of the future cash flows of a fixed income security equal to the price paid for the security. This assumes that the security will be held to its maturity. Current Yield: Annual rate of return on an investment expressed as a percentage. Current Yield of a fixed income security is the annualized earnings (coupon) divided by the bond's market value as of the valuation date. One Year Total Yield: The One Year Total Yield or One Year Return represents the portfolio's percentage change over a year's time, factoring in interest payments, changes in market value and reinvestment of distributions. Yield to Maturity: The Yield to Maturity (YTM) or Market Yield to Maturity of a fixed income security is that rate of interest that will make the present value of the future cash flows equal to the market value as of the valuation date, assuming the bond is held to maturity. Weighted Average Yield: The total yield on a bond portfolio divided by the number of bonds contained in it, weighted for the size of each bond so that the yield of large holdings does not drown out the calculation of yields on small holdings. 4 of 30 Attachment A May 16, 2017, Item #1.4 %Return LAIF 19,858,786$ 48%0.82% CalTrust - Short 10,651,255$ 26%1.02% CalTrust - Medium 10,775,701$ 26%1.24% Total Internally Managed 41,285,742$ 38% Weighted Average Yield 0.98% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 %Return Treasury Securities 9,019,159$ 13%1.12% Instrumentality Securities 34,689,474$ 50%1.13% Corporate Notes 23,010,309$ 33%1.41% Municipal 2,009,991$ 3%1.95% Total Externally Managed 68,728,933$ 62% Weighted Average Yield 1.25% Years Effective Average Duration - External 1.25 Weighted Average Final Maturity - External 1.37 Total Portfolio Assets %Return LAIF 19,858,786$ 18%0.82% CalTrust - Short 10,651,255$ 10%1.02% CalTrust - Medium 10,775,701$ 10%1.24% Treasury Securities 9,019,159$ 8%1.12% Instrumentality Securities 34,689,474$ 32%1.13% Corporate Notes 23,010,309$ 21%1.41% Municipal 2,009,991$ 2%1.95% Total Portfolio Assets 110,014,675$ 100% Weighted Average Yield 1.15% Years Effective Average Duration - Total 0.78 Weighted Average Maturity - Total 0.86 Portfolio Change Beginning Balance 110,072,618$ Ending Balance 110,014,675$ Assets values shown at Market March 31, 2017 City of Poway Monthly Investment Portfolio Report Externally Managed Assets Seperately Managed Investment Pools LAIF, 48% CalTrust -Short, 26% CalTrust - Medium, 26% Treasury Securities, 13% Instrumentality Securities, 50% Corporate Notes, 33% Municipal, 3% LAIF 18%CalTrust -Short 10% CalTrust - Medium 10% Treasury Securities 8% Instrumentality Securities 31% Corporate Notes 21% Municipal 2% 5 of 30 Attachment B May 16, 2017, Item #1.4 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6(&85,7,(6+(/'$VRI0DUFK&,7<2)32:$<$PRUWL]HGFRVW$FFUHWLRQDPRUWL]DWLRQ)DLUYDOXH&KDQJHLQIDLUYDOXH,QWHUHVWUHFHLYHG,QWHUHVWHDUQHG8QUHDOL]HGJDLQORVV&RXSRQ 0DWXULW\&DOOGDWH+LVWRULFDOFRVW$FFUXHGLQWHUHVWSXUFKDVHG&XVLS'HVFULSWLRQ7RWDODFFUXHGLQWHUHVW3RUWFRVW3DUYDOXHRUVKDUHV*RYHUQPHQW$JHQFLHV*)< )$11,(0$(&$//$%/(*:) )5('',(0$&&$//$%/(*/' )5('',(0$&&$//$%/(*/ )$11,(0$(&$//$%/(($'. )5('',(0$&*; )$11,(0$(&$//$%/(*5 )$11,(0$($$+ )('(5$/+20(/2$1%$1.*'$ )$11,(0$(&$//$%/((*/$ )('(5$/)$50&5(',7%$1.&$//$%/(16 of 30 Attachment C May 16, 2017, Item #1.4 6(&85,7,(6+(/'$VRI0DUFK&,7<2)32:$<$PRUWL]HGFRVW$FFUHWLRQDPRUWL]DWLRQ)DLUYDOXH&KDQJHLQIDLUYDOXH,QWHUHVWUHFHLYHG,QWHUHVWHDUQHG8QUHDOL]HGJDLQORVV&RXSRQ 0DWXULW\&DOOGDWH+LVWRULFDOFRVW$FFUXHGLQWHUHVWSXUFKDVHG&XVLS'HVFULSWLRQ7RWDODFFUXHGLQWHUHVW3RUWFRVW3DUYDOXHRUVKDUHV*RYHUQPHQW$JHQFLHV*.' )$11,(0$(&$//$%/((*0 )('(5$/)$50&5(',7%$1.7RWDO*RYHUQPHQW$JHQFLHV *RYHUQPHQW%RQGV3) 86$75($685<+ 86$75($685<88 86$75($685<94 86$75($685<5( 86$75($685<:' 86$75($685<7RWDO*RYHUQPHQW%RQGV 17 of 30 Attachment C May 16, 2017, Item #1.4 6(&85,7,(6+(/'$VRI0DUFK&,7<2)32:$<$PRUWL]HGFRVW$FFUHWLRQDPRUWL]DWLRQ)DLUYDOXH&KDQJHLQIDLUYDOXH,QWHUHVWUHFHLYHG,QWHUHVWHDUQHG8QUHDOL]HGJDLQORVV&RXSRQ 0DWXULW\&DOOGDWH+LVWRULFDOFRVW$FFUXHGLQWHUHVWSXUFKDVHG&XVLS'HVFULSWLRQ7RWDODFFUXHGLQWHUHVW3RUWFRVW3DUYDOXHRUVKDUHV0XQLFLSDO3URYLQFLDO%RQGV%* 32:$<&$5('(9$*<68&&(6625$%+ 32:$<&$5('(9$*<68&&(6625$7RWDO0XQLFLSDO3URYLQFLDO%RQGV *UDQGWRWDO 18 of 30 Attachment C May 16, 2017, Item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of 30 Attachment C May 16, 2017, Item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of 30 Attachment C May 16, 2017, Item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of 30 Attachment C May 16, 2017, Item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of 30 Attachment C May 16, 2017, Item #1.4 SECURITIES PURCHASEDFor the period February 1, 2017 - February 28, 2017CITY OF POWAYPar value orsharesUnit costAccruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerCorporate Bonds0258M0DP12.25002/06/201708/15/2019 2,008,000.00 100.87 (2,025,389.28) (21,837.00)AMERICAN EXPRESS CREDIT 2.25% 15/08/201902/09/2017JEFFERIES LLC.2,008,000.00(2,025,389.28) (21,837.00)Total Corporate BondsGovernment Agencies3136G4KD41.75002/06/201706/29/2020 1,900,000.00 99.98 (1,899,525.00)(3,509.72)FANNIE MAE 1.75% 29/06/2020 (CALLABLE 29/06/17)06/29/201702/07/2017WELLS FARGO SECURITIES INTL LTD1,900,000.00(1,899,525.00)(3,509.72)Total Government AgenciesGrand totalGrand total3,908,000.00(3,924,914.28) (25,346.72)1823 of 30 Attachment C May 16, 2017, Item #1.4 6(&85,7,(6385&+$6(')RUWKHSHULRG0DUFK0DUFK&,7<2)32:$<3DUYDOXHRUVKDUHV8QLWFRVW $FFUXHGLQWHUHVWSXUFKDVHG7UDGHGDWH6HWWOHGDWH&RXSRQ 0DWXULW\&DOOGDWH3ULQFLSDOFRVW&XVLS'HVFULSWLRQ%URNHU*RYHUQPHQW$JHQFLHV*5 )$11,(0$(025*$167$1/(<$1'&2//&7RWDO*RYHUQPHQW$JHQFLHV*UDQGWRWDO*UDQGWRWDO 24 of 30 Attachment C May 16, 2017, Item #1.4 SECURITIES SOLD AND MATUREDFor the period February 1, 2017 - February 28, 2017CITY OF POWAYHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedCorporate Bonds459200HC8IBM CORP BNDS 1.25 DUE02-06-2017 REG1.25002/06/2017(2,000,000.00) 2,008,680.00 2,000,000.00(44.44)0.00(60.00)2,000,000.00 0.00 0.00 12,500.00 347.2202/06/2017(2,000,000.00)0.002,008,680.00(44.44)2,000,000.00(60.00)2,000,000.00 0.0012,500.00 347.22Total (Corporate Bonds)Grand totalGrand total(2,000,000.00)0.002,008,680.00(44.44)2,000,000.002,000,000.00 0.0012,500.00 347.22(60.00)1925 of 30 Attachment C May 16, 2017, Item #1.4 6(&85,7,(662/'$1'0$785(')RUWKHSHULRG0DUFK0DUFK&,7<2)32:$<+LVWRULFDOFRVW $PRUWL]HGFRVWDWVDOHRUPDWXULW\$FFUDPRUW)DLUYDOXHDWVDOHRUPDWXULW\&KJLQIDLUYDOXH5HDOL]HGJDLQORVV3ULFH&RXSRQ7UDGHGDWH6HWWOHGDWH0DWXULW\&DOOGDWH3DUYDOXHRUVKDUHV&XVLS'HVFULSWLRQ%URNHU$FFUXHGLQWHUHVWVROG,QWHUHVWUHFHLYHG,QWHUHVWHDUQHG*RYHUQPHQW$JHQFLHV*90)10$'8(5(* 7RWDO*RYHUQPHQW$JHQFLHV*UDQGWRWDO*UDQGWRWDO 26 of 30 Attachment C May 16, 2017, Item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of 30 Attachment C May 16, 2017, Item #1.4 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of 30 Attachment C May 16, 2017, Item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of 30 Attachment C May 16, 2017, Item #1.4 Investments & Cash with Fiscal Agents @ 3/31/17 Settlement Yield to Days to % of Total Face Book Market Unrealized INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 1st Am Gov't Obligations Money Mkt Fd 03/31/17 0.03%1 100.00%$460,776.54 $460,776.54 $460,776.54 $0.00 Average/Total -0.03%1 100.00%$460,776.54 $460,776.54 $460,776.54 $0.00 Paying Agent or Uninvested Cash & DITs -----$0.00 -- Total Investments and Cash with Fiscal Agent -----$460,776.54 -- Non-Managed Investments @ 3/31/17 Settlement Yield to Days to % of Total Face Book Market Unrealized INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) County Pool 03/31/17 1.12%1 63.66%$87,601.68 $87,601.68 $87,288.54 ($313.14) Wells-Fargo CD 08/05/16 0.05%127 36.34%$50,000.00 $50,000.00 $50,000.00 $0.00 Average/Total -0.73%N/A 100.00%$137,601.68 $137,601.68 $137,288.54 ($313.14) General, Payroll & Petty Cash @ 3/31/17 General Cash (Union Bank) -----$743,213.71 -- Payroll Cash (Union Bank) -----$20,000.00 -- Emergency Cash (Union Bank) -----$10,000.00 -- Grant Cash (Union Bank) -----$0.00 -- Flexible Benefits Cash (Union Bank) -----$15,000.00 -- Petty Cash -----$8,800.00 -- Total Cash -----$797,013.71 -- City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash Part I Part III Part II30 of 30Attachment DMay 16, 2017, Item #1.4